Key Takeaways:
- Federal incentives might not last forever—find out what’s at stake and why locking in the ITC now could be your smartest move.
- New Jersey’s net metering benefits have been incredibly favorable, but ongoing discussions could change that. Learn how acting now secures your savings.
- Did you know some areas are running out of grid capacity for solar? See why going solar now could save you from delays and restrictions.
- Think summer is the best time to go solar? You might be surprised—here’s why starting in December can set you up for bigger savings year-round.
Overview
As we approach the end of 2024, the combination of rising electricity costs and some of the most attractive solar incentives in history make this a great time to consider going solar. This article explores 5 key reasons why starting your solar journey now – in December 2024 – could be your best choice, while also weighing the considerations for waiting until 2025. Understanding these factors can help you make a well-informed decision about your energy future and financial goals.
Top 5 Reasons to Go Solar Now
1. Timing Advantages
Many homeowners assume that summer is the best time to go solar due to the sunny weather, but starting the process in the winter has unique advantages. It can take a few months to complete the entire installation process, so by starting early in the year, you ensure that your system is operational during the long, sunny days of spring and summer. This timing allows you to maximize net metering credits by sending excess energy back to the grid when sunlight is abundant, effectively lowering your energy bills throughout the year. Waiting to start in the summer often means installation isn’t completed until fall, reducing your ability to take full advantage of these credits during the most productive months.
Starting the process in the winter positions you to make the most of the entire sunny season ahead.
2. Lock In Today’s Incentives
- Federal Investment Tax Credit (ITC): By committing to solar now, you can lock in the 30% ITC rate, ensuring you benefit from this generous federal incentive while it is still active. Policy changes have been discussed in Congress and by notable figures like Elon Musk, raising questions about its future. Going solar and securing this credit now provides peace of mind, as you won’t have to worry about potential reductions or modifications to the program.
- SREC-II Program: New Jersey’s Solar Renewable Energy Certificates (SREC-II) reward homeowners for generating clean energy. These credits remain highly valuable, and locking in your participation now safeguards your place in the program. By acting promptly, you ensure access to one of the most beneficial state-level incentives for solar energy that pays you for 15 years.
- Net Metering Rates: Acting now ensures you benefit from current net metering policies, which could change in the future. New Jersey's net metering policies have historically been favorable, allowing solar customers to receive credit for excess energy sent back to the grid. But discussions about restructuring these policies are ongoing, which could reduce benefits for solar customers. While specific changes have not been implemented yet, the potential for future adjustments underscores the importance of acting now to secure current net metering advantages–just in case.
3. Rising Energy Costs
Electricity prices in New Jersey continue to rise, making solar a smart hedge against unpredictable utility rates. In 2024, New Jersey residents saw several rate increases, including Jersey Central Power & Light (JCP&L), where customers experienced an average monthly increase of $8.34, an 8.6% rise. In December 2024, Atlantic City Electric (ACE) proposed an 8% rate increase, potentially raising residential bills by approximately $12.96 per month if approved.
By beginning the solar process now, you’ll be prepared to reduce your energy bills as soon as your system is operational–avoiding these rate hikes.
4. Avoid Installation Delays
The demand for solar installations often surge early in the year, leading to backlogs in permitting, utility approvals, and installation timelines. Starting the process now positions you ahead of this rush, ensuring a smoother experience and faster completion.
5. Take Control of Your Energy Future
In some areas, such as those served by Atlantic City Electric (ACE), overloaded circuits can prevent new solar connections for some homeowners. If your home is in one of these restricted zones, you could face long delays while waiting for grid upgrades to be completed. These enhancements are often expensive and may lead to rate increases for customers. By acting now, you can secure your ability to go solar before additional restrictions are put in place, ensuring both timely installation and access to savings.
Take the First Step Toward Solar Savings
The decision to go solar doesn’t need to wait for the perfect moment—starting now is often the best choice. By acting today, you can lock in current incentives, secure favorable program rates, and set yourself up for significant energy savings in 2025 and beyond.
Even if you’re not ready to commit fully, consulting with a solar expert is a smart first step. A professional can help you understand your options, answer your questions, and guide you toward the best solution for your home and budget. Don’t let the opportunity pass—take control of your energy future!
